As discussed in Part 1, Physical solutions may help after a disastrous losing session. But what about a long term downswing? A losing month, terrible World Series of Poker, or, in the extreme case of “Saxophone,” going broke? For this, a shift in mental perspective is required.
1) Count the Loss:
I often put off tallying losses because accepting the reality is too much to bear. But the sooner I do it, the sooner I can come to terms with the fact that it’s real. After I physically write the number down, I allow myself time to lament. Sometimes I go even further and torture myself by calculating how my financial situation would have been different if I hadn’t taken that bad beat.
2) Acceptance:
It is the hardest part. I continue my agony by comparing my two numbers side by side (my current financial situation and the “could have been” one).
Then, I think long and hard about my life outside of poker. What activities do I enjoy? I actually list them: writing, exercise, cooking, yoga, friends, reading and nature.
I take time to appreciate what they have in common: they are all free. I realize deeply that everything I need to be happy is within my grasp and my life would be no different with the additional money.
This realization is the moment of epiphany when things start to turn around.
The Problem:
What affected “Saxophone” was not that he lost his $500,000 bankroll, but his idea of what that money means. In the thread on 2p2, he admitted the money had no specific value to him. His biggest concern seemed that he could no longer compete at the games highest levels. Understood. Going broke is the poker equivalent of a serious injury for a sports star. Depending on how fast one can recover, he may be out a week, year or a lifetime.
While not being able to immediately play the biggest games is frustrating, it’s no cause for depression. What’s difficult to comprehend is the sheer amount of money lost. Even a year later, he admits being overwhelmed.
Here’s why: Money has no purpose. There’s no clear reason one needs the dough, other than they want it. (In actuality,”Saxophone” doesn’t need the cash). With no void to replace the number that’s burdening him, the pain continues so long as he cannot recover the arbitrary number, because currently, that’s how his success is measured.
Consider this: Is it possible to conceive he would be less unhappy if the number he lost was $300,000? What if he began with $10,000,000 and lost $9,500,000? He would still have the $500,000 he laments losing, but I believe he would feel an equivalent sense of loss. The problem then is not in the figure, but his idea of it.
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Give your chosen non poker activities meaning by making goals and working towards them.
I recommend using Tim Ferriss‘ Dreamlines and his Monthly Expense Calendar. Ferriss’ best-selling book: Four Hour Work Week covers, in detail, how to create your ideal lifestyle and the steps to cultivate and calculate it.
I’ve done this successfully for years and never once has my annual Dreamline exceeded $100,000. Please note: I’m high maintenance and my girlfriend calls me “Little Prince.”
Once we realize that the money we need to do what we want is far less than we think, it’s easier to accept the loss. Contentment comes the moment we appreciate the fact that we’re no happier with $100,000 or $10,000,000.
There are two types of goals: extrinsic and intrinsic. Extrinsic ones involve material, status and fame, while Intrinsic goals involve personal growth, relationships and experiences. I cannot stress how much more rewarding intrinsic goals have been in my life. Learning Italian, backpacking through New Zealand and playing piano crush owning a new wardrobe, more twitter followers and a bigger bankroll.
Happiness should be our religion and the basis on which we make our decisions. Fortunately, since it is a mental state of being, it is also a skill we can develop. Practicing Happiness should be embedded into our daily lives. Gratitude, kindness and modest expectations should be applied to not set ourselves up for disappointment. As little as five minutes a day can make all the difference.
Contentment is not a mysterious place at the end of the rainbow. It exists here and now. Most of all, when choosing an industry where money is the standard way to measure success, we must remember, the goal is not to be rich, but to be happy.
“Be happy for this moments. This moments is your life.” – Omar Khayyam
Alec 
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